Provides the information on how to check IT Refund Status for both old and new assessment years & explains probable outcomes of refund status
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Keep the below information handy when checking
Assessment Year (AY) means: It is the twelve-month period 1st April to 31st March immediately following the financial year. In the Assessment year a person files his return for the income earned in the financial year. For example for FY: 2022-23 the AY is 2023-24
IT Refunds in India depends on many factors. While it takes 2-3 months during early months of filing for an assessment year (eg. Apr-Jun), it takes many more months if you happened to file after Jun (i.e., peak months of ITR processing). In addition, if you have received an IT notice, the refund would be granted only after the received notice(s) have resolved.
As on Feb 2021, ITD implemented new Refund Processing System to enable faster Refund processing with an expected turnaround of just few days instead of few months.
Despite the fact that refund processing time is dependent on a number of factors, such as the history of audits, previous IT notices from the Income tax Department (ITD), and claims for large refunds, etc., according to the most recent knowledge (Aug 2023), what is a reasonable estimation based on the type of ITR form you have filed?
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